PSEG reported third‑quarter 2025 results, with consolidated net income of $622 million, up 20% from $520 million in Q3 2024, and earnings per share of $1.24, compared with $1.04 a year earlier.
Non‑GAAP operating earnings rose to $565 million, or $1.13 per share, up 26% from $448 million, or $0.90 per share, in Q3 2024.
Revenue for the quarter was $3.23 billion, exceeding the consensus estimate of $2.73 billion and representing a 22% increase over the prior year.
Segment results showed PSE&G generated $515 million in net income, or $1.04 per share, while PSEG Power & Other contributed $107 million, or $0.21 per share. The utility segment benefited from new electric and gas rates effective October 15 2024 and from transmission and energy‑efficiency investments. The power segment’s earnings were partially offset by higher operating costs related to the Hope Creek refueling outage and fuel‑cycle extension work.
Management reaffirmed its five‑year non‑GAAP operating‑earnings growth outlook of 5%–7% through 2029 and reiterated its $22.5 billion–$26 billion capital‑investment program through 2029. The company also narrowed its 2025 non‑GAAP operating‑earnings guidance to the upper half of the range, $4.00 to $4.06 per share.
Liquidity remained strong, with operating cash flow of $3.704 billion and total debt of $23.37 billion as of September 30 2025. The balance sheet supports continued investment without new equity issuance, positioning PSEG to capture growth opportunities in New Jersey’s electrification and data‑center markets.
PSEG is working with state regulators to address a growing resource adequacy imbalance in the mid‑Atlantic region, which has contributed to rising summer electric bills. The company’s focus on modernizing infrastructure and expanding clean‑energy capacity underpins its long‑term growth strategy.
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